Dow Jones union, which represents staffers at the Wall Street Journal, provided details Tuesday about company buyouts that were reported last week.
The union told employees Tuesday that "buyouts are being offered now because severance packages can be charged to the 'old' company prior to the News Corp split, and are available for (maybe) two more weeks."
News Corp's entertainment and publishing entities are expected are expected to split into separate companies on June 28, with lucrative film and television properties (including Fox News) comprising one and Rupert Murdoch's beloved newspapers in another. In gearing up for the split, the New York Post has recently offered buyouts in trying to reduce staff by 10 percent.
In the memo, employees were also told that "nobody is being encouraged to accept a buyout -- but anybody can request one" and the there is "no obligation on the Company's part to accept all requests -- but if you want a buyout, you need to ask."
The full staff memo, obtained by The Huffington Post, is below:
To all IAPE-represented employees at Dow Jones & Company:
Last week, we passed along (and clarified) news that Dow Jones had offered "buyouts" to certain employees. Since then, we have received a number of questions from IAPE members wondering about separation packages, and we have gone back to management with some questions of our own.We have a little more news for you today regarding voluntary departures -- including a brief explanation why the Company decided to make offers available at all. Here's the latest:
•Buyout chatter began after a senior manager asked all bureau chiefs to inform their staffs that buyouts were available. Only a few location managers passed that information along to all employees, while others either ignored the news or only reached out to individuals they thought might be eligible.
•Buyouts are being offered now because severance packages can be charged to the "old" company prior to the News Corp split, and are available for (maybe) two more weeks.
•Nobody is being encouraged to accept a buyout -- but anybody can request one. Similarly, there is no obligation on the Company's part to accept all requests -- but if you want a buyout, you need to ask.
•Buyouts are not limited to News departments -- wherever you work at Dow Jones, if you have been thinking of leaving and would like to know if there is a separation package on the table, this is your chance to find out.
If you think you might be interested in a voluntary separation, with severance pay and other post-termination benefits, you can either reach out to your manager to find out if a buyout might be available for you, or you can contact IAPE and we'll reach out to management on your behalf. Simply reply to this email, or email IAPE president Bob Kozma, grievance committee chairman Rob Johnson, or organizer Tim Martell. Or contact a member of the IAPE Board of Directors near you, and that IAPE rep will pass your request on to the Union office.